↑ Modern barter is practised by barter exchanges that have hundreds or thousands of businesses as members who agree to barter their products and services on a third-party basis. Barter exchanges in the U.S. were legalized by the passage of the 1982 Tax Equity and Fiscal Responsibility Act (TEFRA) which categorized barter exchanges as third party record keepers and mandated that they report the annual sales of their barter exchange members to the IRS via a 1099B From, "Proceeds From Barter Exchange and Brokerage Transactions". See: www.IRS.gov/Form1099B. Estimated annual retail barter exchange transactions worldwide are between three and four billion dollars, per the International Reciprocal Trade Association, the barter industry's global trade association, seewww.irta.comCaroline Humphrey (1985). “Barter and Economic Disintegration”. Man. 20 (1): 49. doi:10.2307/2802221. JSTOR2802221.
